Drop one-third shallots into hot oil; fry 3 to 4 minutes or until golden, stirring frequently. With slotted spoon, transfer shallots to paper towels to drain. Return oil to 360 degrees F before repeating each time with remaining shallots.

Prepare green beans: In 8-quart saucepot or Dutch oven, heat 1 inch water to boiling over high heat. Add beans; cook, uncovered, 10 to 15 minutes or until beans are tender-crisp, stirring occasionally. Drain beans in colander, then plunge into large bowl of ice water to stop cooking; drain thoroughly. If not using beans right away, store in self-sealing plastic bag in refrigerator up to 1 day.